Yearly Mid-Review: The Surge of Technological Waves and the Frenetic Growth of Smart Electric Vehicles
Jul 12, 2024
As the year reaches its midpoint, the semi-annual sales data from various car companies have been released one after another. Amidst the prolonged "price war" and the exceptionally fierce market competition, the underlying trend of electrification and intelligence in the automotive industry has become increasingly prominent. In the Chinese car market, the industry chain is under pressure from "involution" while experiencing an unprecedented wave of technological innovation. This wave, with the energy it contains, is driving the smart electric vehicle industry to grow rapidly.
During the first half of this year, the power battery industry has maintained rapid growth. Data released by the China Automotive Power Battery Industry Innovation Alliance shows that from January to May, the cumulative installed capacity of power batteries in China reached 160.5GWh, a year-on-year increase of 34.6%. Among them, the cumulative installed capacity of ternary lithium batteries was 51.1GWh, accounting for 31.9% of the total installed capacity, with a year-on-year increase of 34.9%; the cumulative installed capacity of lithium iron phosphate batteries was 109.3GWh, accounting for 68.1% of the total installed capacity, with a year-on-year increase of 34.6%.
Raw material prices for power batteries have continued to fluctuate at the bottom this year. For example, the futures price of lithium carbonate has been oscillating within the range of 80,000 to 120,000 yuan. Industry insiders have indicated that, on one hand, the stability of lithium carbonate prices is conducive to the collaborative development of the industry chain. On the other hand, the decline in raw material prices such as lithium carbonate has led to a rapid decrease in domestic power battery prices. Coupled with factors such as inventory reduction and pressure transfer from whole vehicle price reductions, the competition in the power battery market is very fierce. It is reported that the price of the power cell has fallen from nearly 1 yuan/Wh at the beginning of 2023 to about 0.35 yuan/Wh now.
At present, China's new energy vehicle industry has entered a period of full market expansion, and consumers' "range anxiety" is gradually being replaced by "recharging concerns." Swap and supercharge, as innovative development models to solve the recharging problem, are becoming the new focus of the new energy vehicle industry.
It is understood that the construction speed of swap stations is accelerating, especially in the core urban areas and along the highways, where charging and swapping stations are emerging like mushrooms after rain. As of the end of April 2024, there were a total of 3,715 swap stations in China, of which 2,416 were from NIO, accounting for 65% of the total. As a leader in the field of battery swapping, NIO is joining hands with more car companies to continuously expand the "swap alliance." So far, NIO has reached strategic cooperation in charging and swapping with GAC Group, Changan Automobile, Geely Holding, Chery Automobile, JAC Group, Lotus, China FAW, and other car companies. At the same time, NIO has also reached cooperation in the field of swap business with China Southern Power Grid and Anhui Provincial Communication Control Group. On June 13th this year, NIO's fourth-generation swap station went online, reducing the time by 22% compared to the third-generation swap station. According to NIO's plan, in 2024, it will add 1,000 fourth-generation swap stations in the domestic market, with a total of 3,310 swap stations.
Since the beginning of this year, China's autonomous driving has made steady progress in all fields, especially in the development of urban NOA, vehicle-road-cloud integration, and L4 autonomous driving, achieving remarkable results.
This year, the integration of cockpit and driving has become very popular. Both car companies, chip companies, and autonomous driving companies are deploying in the field of cockpit and driving integration, trying to bring users a more intelligent and convenient travel experience through the deep integration of smart cockpit and autonomous driving.
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